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Well Worth SavingHow the New Deal Safeguarded Home Ownership$
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Price V. Fishback, Jonathan Rose, and Kenneth Snowden

Print publication date: 2013

Print ISBN-13: 9780226082448

Published to Chicago Scholarship Online: May 2014

DOI: 10.7208/chicago/9780226082585.001.0001

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Pressures for Government Action

Pressures for Government Action

(p.31) Chapter 4 Pressures for Government Action
Well Worth Saving

Price Fishback

Jonathan Rose

Kenneth Snowden

University of Chicago Press

The HOLC was passed during the first hundred days of the Roosevelt administration, and like other New Deal programs was directed at a pressing problem with a clear constituency in mind. Given the foreclosure crisis described in the previous chapter, by early 1933 a variety of interest groups were putting great pressure on the federal government to pass a program to prevent foreclosures and stabilize the residential real estate market. Homeowners, lenders, and real estate builders all lobbied for action. The HOLC paralleled similar legislation for the farm mortgage sector, and followed less successful efforts to address the crisis, including state-level moratoria legislation, and the creation of the Federal Home Loan Bank system.

Keywords:   Roosevelt, Hundred days, New Deal, Interest groups, Lobbying, Moratoria, Federal Home Loan Bank System

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